Article 73 Scope
1. This Section shall apply to:
(a) payment transactions in euro;
(b) national payment transactions in the currency of the Member State outside the euro area;
(c) payment transactions involving only one currency conversion between the euro and the currency of a Member State outside the euro area, provided that the required currency conversion is carried out in the Member State outside the euro area concerned and, in the case of cross-border payment transactions, the cross-border transfer takes place in euro.
2. This Section shall apply to other payment transactions, unless otherwise agreed between the payment service user and the payment service provider, with the exception of Article 78, which is not at the disposal of the parties. However, when the payment service user and the payment service provider agree on a longer period than those laid down in Article 74, for intra-Union payment transactions such period shall not exceed 4 business days
following the point in time of receipt in accordance with Article 69.
Article 74
Payment transactions to a payment account
1. Member States shall require the payer's payment service provider to ensure that, after the point in time of receipt in accordance with Article 69, the amount of the payment
transaction is credited to the payee's payment service provider's account at the latest by the end of the next business day. This period may be extended by a further business day for paper-initiated payment transactions.
2. Member States shall require the payment service provider of the payee to value date and make available the amount of the payment transaction to the payee's payment account after the payment service provider has received the funds in accordance with Article 78.
3. Member States shall require the payee's payment service provider to transmit a payment order initiated by or through the payee to the payer's payment service provider within the time limits agreed between the payee and the payment service provider, enabling
settlement, as far as direct debit is concerned, on the agreed due date.
Article 75
Absence of payee's payment account with the payment service provider
Where the payee does not have a payment account with the payment service provider, the funds shall be made available to the payee by the payment service provider who receives the funds for the payee within the period specified in Article 74.
Article 76
Cash placed on a payment account
Where a consumer places cash on a payment account with that payment service provider in the currency of that payment account, the payment service provider shall ensure that the amount is made available and value dated immediately after the point of time of the receipt of the funds.
Where the payment service user is not a consumer, the amount shall be made available and value dated at the latest on the next business day after the receipt of the funds.
Article 77
National payment transactions
For national payment transactions, Member States may provide for shorter maximum execution times than those provided for in this Section.
Article 78
Value date and availability of funds
1. Member States shall ensure that the credit value date for the payee's payment account is no later than the business day on which the amount of the payment transaction is credited to the payee's payment service provider's account.
The payment service provider of the payee shall ensure that the amount of the payment transaction is at the payee's disposal immediately after that amount is credited to the payee's payment service provider's account, where, on the part of the payee’s payment service provider:
(a) there is no currency conversion; or
(b) there is a currency conversion between the euro and a Member State currency or between two Member State currencies.
The obligation laid down in this paragraph shall also apply to payments within one payment service provider.
2. Member States shall ensure that the debit value date for the payer's payment account is no earlier than the point in time at which the amount of the payment transaction is debited to that payment account.
SECTION 3 LIABILITY
Article 79
Incorrect unique identifiers
1. If a payment order is executed in accordance with the unique identifier, the payment order shall be deemed to have been executed correctly with regard to the payee specified by the unique identifier.
2. If the unique identifier provided by the payment service user is incorrect, the payment service provider shall not be liable under Article 80 for non-execution or defective execution of the payment transaction.
3. However the payer's payment service provider shall make reasonable efforts to recover the funds involved in the payment transaction. The payee´s payment service provider shall cooperate in these efforts also by communicating to the payer's payment service provider all relevant information for the due collection of funds.
In the event the collection of funds under the previous subparagraph is not possible, the payer's payment service provider shall provide to the payer, upon written request, all information available to the payer's payment service and relevant to the payer in order for the payer to file a legal claim to re-collect the funds.
4. If agreed in the framework contract, the payment service provider may charge the payment service user for recovery.
5. If the payment service user provides information additional to that specified in Articles 38(1)(a) or 45(2)(b), the payment service provider shall be liable only for the execution of payment transactions in accordance with the unique identifier provided by the payment
Article 80
Payment service providers’ liability for non-execution, defective or late execution of payment transactions
1. Where a payment order is directly initiated by the payer, the payment service provider shall, without prejudice to Article 63, Article 79(2) and (3), and Article 83, be liable to the payer for correct execution of the payment transaction, unless it can prove to the payer and, where relevant, to the payee's payment service provider that the payee's payment service provider received the amount of the payment transaction in accordance with Article 74(1).
In that case, the payee's payment service provider shall be liable to the payee for the correct execution of the payment transaction.
Where the payer's payment service provider is liable under the first subparagraph, it shall without undue delay refund to the payer the amount of the non-executed or defective payment transaction, and, where applicable, restore the debited payment account to the state in which it would have been had the defective payment transaction not taken place.
The credit value date for the payer’s payment account shall be no later than the date the amount had been debited.
Where the payee's payment service provider is liable under the first subparagraph, it shall immediately place the amount of the payment transaction at the payee's disposal and, where applicable, credit the corresponding amount to the payee's payment account.
The credit value date for the payee’s payment account shall be no later than the date the amount should have been value dated in case of correct execution, in accordance with Article 73.
Where a payment transaction is executed late, the payee’s payment service provider shall ensure, upon the request of the payer’s payment service provider acting on behalf of the payer, that the credit value date for the payee’s payment account is no later than the date
In the case of a non-executed or defectively executed payment transaction where the payment order is initiated by the payer, the payer's payment service provider shall
regardless of liability under this paragraph, on request, make immediate efforts to trace the payment transaction and notify the payer of the outcome. This shall be free of charge for the payer.
2. Where a payment order is initiated by or through the payee, the payee's payment service provider shall, without prejudice to Article 63, Article 79(2) and (3), and Article 83, be liable to the payee for correct transmission of the payment order to the payment service provider of the payer in accordance with Article 74(3). Where the payee's payment service provider is liable under this subparagraph, he shall immediately re-transmit the payment order in question to the payment service provider of the payer.
In the case of a late transmission of the payment order, the amount shall be value dated on the payee's payment account no later than the date the amount should have been value dated in case of correct execution.
In addition, the payment service provider of the payee shall, without prejudice to Article 63, Article 79(2) and (3), and Article 83, be liable to the payee for handling the payment transaction in accordance with its obligations under Article 78. Where the payee's payment service provider is liable under this subparagraph, it shall ensure that the amount of the payment transaction is at the payee's disposal immediately after that amount is credited to the payee's payment service provider's account. The amount shall be value dated on the payee's payment account no later than the date the amount should have been value dated in case of correct execution.
In the case of a non-executed or defectively executed payment transaction for which the payee's payment service provider is not liable under the first and second subparagraphs, the payer's payment service provider shall be liable to the payer. Where the payer's payment service provider is so liable he shall, as appropriate and without undue delay, refund to the payer the amount of the non-executed or defective payment transaction and restore the debited payment account to the state in which it would have been had the defective
payment transaction not taken place. The credit value date for the payer’s payment account shall be no later than the date the amount had been debited.
The payer's payment service provider is not under such an obligation where the payer's payment service provider can prove that the payee's payment service provider has received the amount of the payment transaction, regardless of a mere delay in the execution.
In this case, the payee's payment service provider shall value date the amount on the
payee’s payment account no later than the date the amount should have been value dated in case of correct execution.
In the case of a non-executed or defectively executed payment transaction where the payment order is initiated by or through the payee, the payee's payment service provider shall, regardless of liability under this paragraph, on request, make immediate efforts to trace the payment transaction and notify the payee of the outcome. This shall be free of charge for the payee.
3. In addition, payment service providers shall be liable to their respective payment service users for any charges for which they are responsible, and for any interest to which the payment service user is subject as a consequence of non-execution or defective, including late, execution of the payment transaction.
Article 80a
Liability in the case of payment initiation services for non-execution, defective or late execution of payment transactions
1. Where a payment order is initiated by the payer through a payment initiation service provider, the account servicing payment service provider shall, without prejudice to Article 63, Article 79 (2) and (3), refund to the payer the amount of the non- executed or defective payment transaction and, where applicable, restore the debited payment account to the state in which it would have been had the defective payment transaction not taken place.
The burden shall be on the payment initiation service provider to prove that the payment order was received by the payer’s account servicing payment service provider in
accordance with Article 69 and that within its sphere of competence the payment transaction was authenticated, accurately recorded and not affected by a technical
breakdown or other deficiencies linked to the incorrect, defective or late execution of the transaction.
2. If the payment initiation service provider is liable for the incorrect, defective or late execution of the payment transaction, it shall immediately compensate the account servicing payment service provider at its request for the losses incurred or sums paid as a result of the refund to the payer.
Article 81
Additional financial compensation
Any financial compensation additional to that provided for under this Section may be determined in accordance with the law applicable to the contract concluded between the payment service user and the payment service provider.
Article 82